The reason to have life insurance is to replace income for your family if you die. If you have no income, and your family is not dependent on you, you don't need insurance, and should cash it in immediately. Remember, insurance is protection. If it isn't protecting anything, it isn't needed. Life insurance is a great tool to protect your family, but it is a lousy investment.
I'm 62, and will be retiring in 14 months. My company provides $400,000 in life insurance while I'm still working, but my wife and I long ago passed the point where life insurance was needed, so we cashed in all our personal policies. Since our retirement is structured so that both of us will be taken care of even if the other dies, we don't need life insurance....